New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-10-31
THE PETROLEUM .N/RRET

NEWS FROM THE FIELD AND RANGE OF PRICES.
development In the petroleum situa-
the opening OF tho Board gus her" at
saxonburg Butler County Penn II started at the rate lover
and after various fluctuations doing
half at the close OF the week The Golden
we'll which preceded tho Bord has been drilled through
the sand and Welding about l0D barrel, day Tho Be-
arAder opened toward the end OF the week and does
not pro ucug frsm 200 300 barrels
dav although deeper drilling this yield These
developments assure the existence Of moersteslzed pooh
oil lie s The bear hoping that Saxonbnrg Will
develop into another Cherry Grove Thorn crs but this
kind OF talk usually heard when district Is nrse
opened Al the probabilities do favor the idee
that saxonbnrg will be than fairly prolific pool yield
nr 5000 barrels day its height The rapid de-
the Bolari gusher at such early stage In the
history OF the pool does well for the size stable
the held. IT'S DO remembered however.
that oil mining full OF surprises ami future work in this
may dsappo.nt those who do 20 DO
alarmed The of this pool ought to
be pretty we'll taken within the next few
weeks the limits will not be fully defined
by that time the trade will know by the character OF the
wells whether there DANCES Of extraordinary add-
ton the supply.
As we understand the situation the shutdown movement
saxonbrg and it is rather doubtful that this
be locked But the unexpected appearance Of
saxonburg interrupted the for the curtal
production elsewhere We assured that tbs plans
smooth progress and promise
successfully Ths pubic s unacquainsd
OF the details OF the shutdown scheme but It 10
clearly ev that whatever be It is favored By the refn
and for the first time In long while all OF the
branches Of the petroleum industry working Ia harmony
II entered into executed in good faith
opinion the in values
pipe deliveries sill exceed tho and tPe daily
erage aords good margin for dsduct
Jug the stocks at the wells Tho daily average
has been 9G barrels AGAINST daily
averag OF october 1885, 49, 1872 barrels ia
1885 1901 barrels in 1884 The Of the deliv
1898 barrels. against 800 barrels 10 October
figures from october to "a charters to tho 2sth inclusive
as follows:
1;:. s;
don. crqs certncss' a. tho Gon:Od r.; EI.
s news rom sH'nSars Sas tn sxe the :Aes
cents to s. From point there Of
over cents IN spite Of peren by me bears
two 6ays II precip by 'ounded that
paativey decline saxosburg Significant tribute
to 'he import Of Tie shutdown noyemcnt It danger
been opened but not yet enne Prices always respond
al and Ter, c.Snot oSmp.te vita tbs large operator,
early advice. a., weos tho tr.s wa, ia:
news buying week at the low price, was admt
investor, who care it'll. the iuctu4tious 81 low
cent, nave 6een ao''r3ing eertac,tes with ths
radically favorable change from Last summer whcI wiz
mate dimuuon floating supply rather than any art
hca ocsIngug which eompe !ae shorts s. week TO Pay
srsS With BOT only the loan crowd /. evident that
short exists but Indications elsewhere point 70
the at error In speaking recently
Cherry in saving that pcss then we're high
boarded mp MARCH TO- ls'2 the excitement really began
MIe9 IA. w.. finally foweihstvv ~ Nav hemsrket wa-l.
above But The production at that m n was ovss
and the stocks but to les, man & are now The he IN.
'front.' The close however was fully steady AZ
net loss OF % cents. . .,..,
Consolidated stoE ami Petroleum.